Individuals with developmental disabilities will have new housing options with the development of Mosaic Village in Cohoes, N.Y.
Upon completion, the project by the Vecino Group will provide 68 one-, two-, and three-bedroom units for individuals and families earning between 30% and 80% of the area median income (AMI). Fourteen units will be set aside for individuals with intellectual and developmental disabilities. Additional units will be available for individuals with mobility impairments who meet the Empire State Supportive Housing Initiative homeless criteria.
KeyBank Community Development Lending and Investment (CDLI) announced that it is providing $19.6 million in total financing for the development including a $10.7 million construction loan and $8.9 million in low-income housing tax credit equity.
The financing was arranged by Greg Kiger, Joe Eicheldinger, Jennifer Seamons, and Victoria O’Brien of Key’s CDLI group. Additional sources of financing were provided by New York State Homes and Community Renewal, New York State Housing Trust Fund Corp., and Community Preservation Corp.
